IconEdit2 is a full-featured graphic manipulation instrument. Alpha channel, multi-resolution and multi color depth, anti-aliasing are supported seamlessly.Easy to useDespite advanced features, all of them are easy to use. You can manage color depths and image sizes in a mouse click. All drawing tools produce anti-aliased results automatically. You can paint, undo/redo, search for icons in your files, and create new icons instantly by capturing screen areas or opening image files or photos.

AffordableIconEdit2 is shareware. It doesn't cost a fortune. You can download and try it before you buy. Registration includes free version upgrades (within the same major version) and support.